Commodities group Glencore eyes mega London listing: report

5th December 2010, Comments 0 comments

Global commodities giant Glencore is preparing to float on the London Stock Exchange in a bid to raise about 10 billion dollars (7.5 billion euros) for the Swiss-based group, a report said on Sunday.

The trading and mining group, which has benefited from recent record high gold prices, has lined up investment banks Credit Suisse, Citigroup and Morgan Stanley for a stock market debut as early as April, The Sunday Times said.

The weekly added that Glencore plans to sell only about one-fifth of its shares, while a listing would place the company among the 20 top biggest firms on London's FTSE 100 index, with a total value of about 50 billion dollars.

Glencore plans a secondary listing in Hong Kong, the paper said, without citing its sources, while London would see one of its biggest-ever flotations.

According to research firm Dealogic, London's largest initial public offering (IPO) to date was in 2006 when Russian oil group Rosneft raised 10.5 billion dollars.

© 2010 AFP

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